Details surrounding the case remain murky, as the authorities have yet to release an official statement. However, local media outlets have reported that the chief prosecutor was apprehended during a police operation targeting illegal activities in the area. The news has sent shockwaves through the legal community and the general public, who are grappling with the implications of such misconduct from a senior law enforcement official."The HashiCorp team delivered strong performance during the third quarter of fiscal 2025, with revenue growth of 19% year-over-year, and 8% growth in $100,000 customers year-over-year” said Dave McJannet, CEO, HashiCorp. "This quarter we gathered our community of customers, practitioners, and partners at HashiConf in Boston, where we announced critical updates across Infrastructure and Security Lifecycle Management product lines, and also continued work towards closing the company's transaction with IBM.” "HashiCorp continued to see promising growth in adoption of the HashiCorp Cloud Platform, with cloud revenues exceeding 17% of total subscription revenue this quarter" said Werner Schwock, Interim CFO & CAO. "New HashiCorp Cloud Platform features announced this quarter will continue to support our Infrastructure Cloud vision.” Proposed Merger with International Business Machines ("IBM") As announced on April 24, 2024, HashiCorp and IBM have entered into a merger agreement under which IBM will acquire HashiCorp for $35.00 per share in cash, representing an enterprise value of $6.4 billion. HashiCorp stockholders approved the merger agreement on July 15, 2024. The transaction is expected to be completed in the first calendar quarter of 2025, subject to the satisfaction or waiver of the closing conditions in the merger agreement. In light of the proposed transaction with IBM, HashiCorp will not be holding a conference call to discuss financial results or providing financial guidance in conjunction with its third quarter of fiscal 2025 earnings release. Fiscal 2025 Third Quarter Financial Results Revenue : Total revenue was $173.4 million in the third quarter of fiscal 2025, up 19% from $146.1 million in the same period last year. Gross Profit : GAAP gross profit was $143.6 million in the third quarter of fiscal 2025, representing an 83% gross margin, compared to a GAAP gross profit of $120.5 million and an 82% gross margin in the same period last year. Non-GAAP gross profit was $148.4 million in the third quarter of fiscal 2025, representing an 86% non-GAAP gross margin, compared to a non-GAAP gross profit of $125.4 million and an 86% non-GAAP gross margin in the same period last year. Operating Income (Loss) : GAAP operating loss was $29.9 million in the third quarter of fiscal 2025, compared to GAAP operating loss of $55.6 million in the same period last year. Non-GAAP operating income was $11.0 million in the third quarter of fiscal 2025, compared to a non-GAAP operating loss of $10.5 million in the same period last year. Net Income (Loss) : GAAP net loss was $13.0 million in the third quarter of fiscal 2025, compared to a GAAP net loss of $39.5 million in the same period last year. Non-GAAP net income was $26.9 million in the third quarter of fiscal 2025, compared to a non-GAAP net income of $5.6 million in the same period last year. Net Income (Loss) per Share : GAAP basic and diluted net loss per share was $0.06, based on 203.5 million weighted-average shares outstanding in the third quarter of fiscal 2025, compared to a GAAP net loss per share of $0.20 based on 194.6 million weighted-average shares outstanding in the same period last year. Non-GAAP basic and dilutive net income per share were both $0.13, based on 203.5 million and 211.7 million weighted-average shares outstanding, respectively, in the third quarter of fiscal 2025, compared to a non-GAAP basic and diluted net income per share of $0.03 in the same period last year. Remaining Performance Obligation (RPO): Total RPO was $775.4 million at the end of the third quarter of fiscal 2025, up from $678.2 million in the same period last year. The current portion of GAAP RPO was $481.4 million at the end of the third quarter of fiscal 2025, up from $402.1 million at the end of the same period last year. Total non-GAAP RPO was $795.6 million at the end of the third quarter of fiscal 2025, up from $700.4 million at the end of the same period last year. The current portion of non-GAAP RPO was $499.4 million at the end of the third quarter of fiscal 2025, up from $420.8 million at the end of the same period last year. Cash, cash equivalents, and investments : Net cash provided by operating activities was $38.2 million in the third quarter of fiscal 2025, compared to $8.7 million provided by operating activities in the same period last year. Cash, cash equivalents and short-term investments totaled $1,346.4 million at the end of the third quarter of fiscal 2025, compared to $1,255.7 million at the end of the same period last year. Reconciliations of GAAP financial measures to the most comparable non-GAAP financial measures have been provided in the tables included in this release. Fiscal 2025 Third Quarter and Recent Operating Highlights HashiCorp is The Infrastructure CloudTM company, helping organizations automate multi-cloud and hybrid environments with Infrastructure Lifecycle Management and Security Lifecycle Management. HashiCorp offers The Infrastructure Cloud on the HashiCorp Cloud Platform (HCP) for managed cloud services, as well as self-hosted enterprise offerings and community source-available products. The company is headquartered in San Francisco, California. For more information, visit hashicorp.com. All product and company names are trademarks or registered trademarks of their respective holders. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995, as amended, including, among others, statements about HashiCorp's business strategy, go-to-market initiatives, revenue growth, and long-term opportunity related to HashiCorp's product innovation, and the proposed merger with IBM. In some cases you can identify forward-looking statements because they contain words such as "anticipate,” "believe,” "continue,” "could,” "estimate,” "expect,” "intend,” "may,” "might,” "likely,” "plan,” "potential,” "predict,” "project,” "seek,” "should,” "target,” "will,” "would,” or similar expressions and the negatives of those terms. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from current expectations and beliefs, including but not limited to risks and uncertainties related to market conditions, HashiCorp and its business as set forth in our filings with the Securities and Exchange Commission ("SEC”) pursuant to our Annual Report on Form 10-K dated March 20, 2024, Quarterly Report on Form 10-Q dated December 5, 2024, and our future reports that we may file from time to time with the SEC. These documents contain and identify important factors that could cause the actual results for HashiCorp to differ materially from those contained in HashiCorp's forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and HashiCorp specifically disclaims any obligation to update any forward-looking statement, except as required by law. Use of Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we have disclosed non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP net loss per share, non-GAAP free cash flow and total and current non-GAAP RPOs, which are all non-GAAP financial measures. We have provided tabular reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure at the end of this release. We calculate non-GAAP gross profit as GAAP gross profit before amortization of stock-based compensation included in the amortized expenses of capitalized internal-use software, stock-based compensation expense, and amortization of acquired intangibles included in cost of revenue. We calculate non-GAAP gross margin as GAAP gross margin before the impact of stock-based compensation of capitalized internal-use software, stock-based compensation expense and amortization of acquired intangibles included in cost of revenue as a percentage of revenue. We calculate non-GAAP operating loss as GAAP operating loss before amortization of stock-based compensation of capitalized internal-use software, stock-based compensation expense, amortization of acquired intangibles, and merger and acquisition-related expenses. We calculate non-GAAP net income (loss) as GAAP net loss before amortization of stock-based compensation of capitalized internal-use software, stock-based compensation expense, amortization of acquired intangibles, and merger and acquisition-related expenses, which comprise one-time costs associated with advisory, legal, and other professional fees, net of tax adjustments. We calculate non-GAAP net income (loss) per share as non-GAAP net income (loss) divided by weighted average shares outstanding (basic and diluted). We calculate non-GAAP free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment and capitalized internal-use software costs. Non-GAAP free cash flow as a % of revenue is calculated as non-GAAP free cash flow divided by total revenue. We calculate non-GAAP RPOs as RPOs plus customer deposits, which are refundable pre-paid amounts, based on the timing of when these customer deposits are expected to be recognized as revenue in future periods. The current portion of non-GAAP RPO represents the amount to be recognized as revenue over the next 12 months. Our management team uses these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In particular, other companies may report non-GAAP gross profit, non-GAAP gross margin, non-GAAP loss from operations, non-GAAP net income (loss), non-GAAP net income (loss) per share, non-GAAP free cash flow, non-GAAP RPOs or similarly titled measures but calculate them differently, which reduces their usefulness as comparative measures. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, as presented below. This earnings press release and any future releases containing such non-GAAP reconciliations can also be found on the Investor Relations page of our website at https://ir.hashicorp.com. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share amounts) (unaudited) October 31, October 31,Gary Lineker jokes about his Match Of The Day exit as he returns to show
The report by Omdia highlights several key factors contributing to the rapid growth of small and medium-sized OLED shipments. Firstly, the increasing demand for high-quality displays with vibrant colors and deeper blacks in smartphones and other portable devices has propelled the adoption of OLED technology. Consumers are increasingly seeking immersive viewing experiences, which OLED displays can provide.
In recent years, Russia has emerged as a significant player in the geopolitical landscape of the Middle East, establishing itself as a key ally to various countries in the region. However, the once strong and influential position that Russia held in the Middle East is now facing significant challenges and threats, leading to a gradual erosion of its influence in the region.Q3 revenue of $322.0 million, representing 36% year-over-year growth Ending ARR of $1.349 billion, representing 35% year-over-year growth 2,303 customers with ARR over $100,000, up 38% year-over-year Samsara Inc. IOT , the pioneer of the Connected Operations ® Cloud, reported financial results for the third quarter ended November 2, 2024, and released a shareholder letter accessible from the Samsara investor relations website at investors.samsara.com. "We achieved another strong quarter of durable and efficient growth at a greater scale," said Sanjit Biswas, CEO and co-founder of Samsara. "We ended Q3 at $1.35 billion in ARR, growing 35% year-over-year, and achieved a quarterly record of 10% adjusted free cash flow margin. As we continue to grow, we are excited about the innovation we are unlocking with more scale. We now collect over 10 trillion data points annually in the Samsara platform and use this data asset to bring AI to physical operations. We believe AI will play a powerful role in transforming the safety, efficiency, and sustainability of our customers' operations." Third Quarter Fiscal Year 2025 Financial Highlights (In millions, except percentage, percentage points, and per share data) Q3 FY2025 Q3 FY2024 Y/Y Change Annual Recurring Revenue (ARR) $ 1,348.9 $ 1,002.7 35 % Total revenue $ 322.0 $ 237.5 36 % GAAP gross profit $ 246.0 $ 175.9 $ 70.0 GAAP gross margin 76 % 74 % 2 pts Non-GAAP gross profit $ 249.8 $ 179.0 $ 70.8 Non-GAAP gross margin 78 % 75 % 2 pts GAAP operating loss $ (47.4 ) $ (54.8 ) $ 7.4 GAAP operating margin (15 %) (23 %) 8 pts Non-GAAP operating income $ 33.9 $ 12.7 $ 21.2 Non-GAAP operating margin 11 % 5 % 5 pts GAAP net loss per share, basic and diluted $ (0.07 ) $ (0.08 ) $ 0.01 Non-GAAP net income per share, basic $ 0.08 $ 0.04 $ 0.04 Non-GAAP net income per share, diluted $ 0.07 $ 0.04 $ 0.03 Net cash provided by operating activities $ 36.0 $ 11.9 $ 24.1 Net cash provided by operating activities margin 11 % 5 % 6 pts Adjusted free cash flow $ 31.2 $ 8.5 $ 22.7 Adjusted free cash flow margin 10 % 4 % 6 pts __________ Note: Numbers are rounded for presentation purposes. We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with generally accepted accounting principles ("GAAP"). See the section titled "Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures and the tables in the section titled "Reconciliation Between GAAP and Non-GAAP Financial Measures" for a reconciliation of GAAP to non-GAAP financial measures. Financial Outlook Our guidance includes GAAP and non-GAAP financial measures. For the fourth quarter and fiscal year 2025, Samsara expects the following: Q4 FY2025 Outlook FY 2025 Outlook Total revenue $334 million – $336 million $1.237 billion – $1.239 billion Year/Year revenue growth 21% – 22% 32% Year/Year adjusted revenue growth (1) 30% – 31% 35% Non-GAAP operating margin 9% 7% Non-GAAP net income per share, diluted $0.07 – $0.08 $0.22 – $0.23 __________ (1) Q4 FY24 was a 14-week fiscal quarter instead of a typical 13-week fiscal quarter. To enable comparability across periods, adjusted revenue and adjusted revenue growth rate are calculated by multiplying Q4 FY24 revenue by 13/14 to remove the impact of an additional week of revenue recognition in Q4 FY24. A reconciliation of non-GAAP guidance financial measures to corresponding GAAP guidance financial measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty and potential variability of expenses, such as stock-based compensation expense-related charges, that may be incurred in the future and cannot be reasonably determined or predicted at this time. It is important to note that these factors could be material to our results of operations computed in accordance with GAAP. About Samsara Samsara is the pioneer of the Connected Operations ® Cloud, which is a system of record that enables businesses that depend on physical operations to harness Internet of Things (IoT) data to develop actionable insights and improve their operations. With tens of thousands of customers across North America and Europe, Samsara is a proud technology partner to the people who keep our global economy running, including the world's leading organizations across industries in transportation, construction, wholesale and retail trade, field services, logistics, utilities and energy, government, healthcare and education, manufacturing, food and beverage, and others. The company's mission is to increase the safety, efficiency, and sustainability of the operations that power the global economy. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may relate to, but are not limited to, expectations of future operating results or financial performance, the calculation of certain of our key financial and operating metrics, our market opportunity, industry developments and trends, customer demand for our solution, macroeconomic conditions and any expected benefits of our products, including cost savings and return on investment, our technological capability, including AI, and our competitive position, as well as assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and could cause actual results and events to differ. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "goal," "guidance," "intend," "may," "objective," "ongoing," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," or the negative of these terms or other comparable expressions that concern our expectations, strategies, plans, or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are based on information available at the time those statements are made, including information furnished to us by third parties that we have not independently verified, and/or management's good faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These risks and uncertainties include our ability to retain customers and expand the Applications used by our customers, our ability to attract new customers, our future financial performance, including trends in revenue and annual recurring revenue, net retention rate, costs of revenue, gross profit or gross margin, operating expenses, customer counts, non-GAAP financial measures (such as adjusted revenue, adjusted revenue growth rate, non-GAAP gross margin, non-GAAP operating margin, free cash flow margin, and adjusted free cash flow margin), our ability to achieve or maintain profitability, the demand for our products or for solutions for connected operations in general, the impact of the Russia-Ukraine conflict, geopolitical tensions involving China, the conflict in the Middle East, the emergence of public health crises, the results of the recent presidential and congressional elections in the United States, and macroeconomic conditions globally on our and our customers', partners' and suppliers' operations and future financial performance, possible harm caused by silicon component shortages and other supply chain constraints, the length of our sales cycles, possible harm caused by a security breach or other incident affecting our or our customers' assets or data, our ability to compete successfully in competitive markets, our ability to respond to rapid technological changes, and our ability to continue to innovate and develop new Applications. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings and reports that we may file from time to time with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise. Use of Non-GAAP Financial Measures This document includes certain non-GAAP financial measures. Reconciliations of non-GAAP financial measures to our financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. In addition, free cash flow and adjusted free cash flow do not reflect our future contractual commitments or the total increase or decrease of our cash balance for a given period. These and other limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business. We present these non-GAAP financial measures to assist investors in seeing Samsara's operating results through the eyes of management and because we believe that these measures provide an additional tool for investors to evaluate our business. Expenses Excluded from Non-GAAP Performance Financial Measures —Stock-based compensation expense-related charges include the amortization of deferred stock-based compensation expense for capitalized software and employer taxes on employee equity transactions. Stock-based compensation expense-related charges are excluded because they are primarily a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer taxes on employee equity transactions, which are a cash expense, are excluded because such taxes are directly tied to the timing and size of employee equity transactions and the future fair market value of our common stock, which may vary from period to period independent of the operating performance of our business. Lease modification, impairment, and related charges, and legal settlements are excluded because management believes that such charges are not reflective of our ongoing operational performance. Operating Metrics and Non-GAAP Financial Measures Annual Recurring Revenue—We define ARR as the annualized value of subscription contracts that have commenced revenue recognition as of the measurement date. Adjusted Revenue and Adjusted Revenue Growth Rate—Q4 FY24 was a 14-week fiscal quarter instead of a typical 13-week fiscal quarter. To enable comparability across periods, adjusted revenue and adjusted revenue growth rate are calculated by multiplying Q4 FY24 revenue by 13/14 to remove the impact of an additional week of revenue recognition in Q4 FY24. Non-GAAP Gross Profit and Non-GAAP Gross Margin—We define non-GAAP gross profit as gross profit excluding the effect of stock-based compensation expense-related charges included in cost of revenue. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of total revenue. We use non-GAAP gross profit and non-GAAP gross margin in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP gross profit and non-GAAP gross margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations. Non-GAAP Income (Loss) from Operations and Non-GAAP Operating Margin—We define non-GAAP income (loss) from operations, or non-GAAP operating income (loss), as income (loss) from operations excluding the effect of stock-based compensation expense-related charges, lease modification, impairment, and related charges, and legal settlements. Non-GAAP operating margin is defined as non-GAAP operating income (loss) as a percentage of total revenue. We use non-GAAP income (loss) from operations and non-GAAP operating margin in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP income (loss) from operations and non-GAAP operating margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations. Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) per Share—We define non-GAAP net income (loss) as net income (loss) excluding the effect of stock-based compensation expense-related charges, lease modification, impairment, and related charges, and legal settlements. Our non-GAAP net income (loss) per share–basic is calculated by dividing non-GAAP net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Our non-GAAP net income per share–diluted is calculated by giving effect to all potentially dilutive common stock equivalents (stock options, restricted stock units, and shares issued under our 2021 Employee Stock Purchase Plan) to the extent they are dilutive. Non-GAAP net loss per share–diluted is the same as non-GAAP net loss per share–basic as the inclusion of all potential dilutive common stock equivalents would be antidilutive. We use non-GAAP net income (loss) and non-GAAP net income (loss) per share in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP net income (loss) and non-GAAP net income (loss) per share provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations. Free Cash Flow and Free Cash Flow Margin—We define free cash flow as net cash provided by (used in) operating activities reduced by cash used for purchases of property and equipment. Free cash flow margin is calculated as free cash flow as a percentage of total revenue. We believe that free cash flow and free cash flow margin, even if negative, are useful in evaluating liquidity and provide information to management and investors about our ability to fund future operating needs and strategic initiatives. Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin—We define adjusted free cash flow as free cash flow excluding the cash impact of non-recurring capital expenditures associated with the build-out of our corporate office facilities in San Francisco, California, net of tenant allowances, and legal settlements. Adjusted free cash flow margin is calculated as adjusted free cash flow as a percentage of total revenue. We believe that adjusted free cash flow and adjusted free cash flow margin, even if negative, are useful in evaluating liquidity and provide information to management and investors about our ability to fund future operating needs and strategic initiatives by excluding the impact of non-recurring events. Webcast Information and Shareholder Letter An investor presentation and accompanying shareholder letter is accessible from the Samsara investor relations website at https://investors.samsara.com/ . Samsara will host a live webcast to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. The live webcast may be accessed at https://investors.samsara.com/ . Following the webcast, a replay will be accessible from the same website. SAMSARA INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) As of November 2, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 160,348 $ 135,536 Short-term investments 511,564 412,126 Accounts receivable, net 178,723 161,829 Inventories 39,366 22,238 Connected device costs, current 115,093 104,008 Prepaid expenses and other current assets 34,321 51,221 Total current assets 1,039,415 886,958 Restricted cash 20,241 19,202 Long-term investments 241,131 276,166 Property and equipment, net 56,418 54,969 Operating lease right-of-use assets 69,215 81,974 Connected device costs, non-current 234,825 230,782 Deferred commissions 196,013 177,562 Other assets, non-current 6,610 7,232 Total assets $ 1,863,868 $ 1,734,845 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 31,522 $ 46,281 Accrued expenses and other current liabilities 63,028 61,437 Accrued compensation and benefits 36,013 37,068 Deferred revenue, current 505,557 426,369 Operating lease liabilities, current 18,000 20,661 Total current liabilities 654,120 591,816 Deferred revenue, non-current 134,165 139,117 Operating lease liabilities, non-current 67,954 78,830 Other liabilities, non-current 8,494 9,935 Total liabilities 864,733 819,698 Stockholders' equity: Preferred stock — — Class A common stock 11 9 Class B common stock 23 23 Class C common stock — — Additional paid-in capital 2,597,904 2,368,597 Accumulated other comprehensive income — 1,616 Accumulated deficit (1,598,803 ) (1,455,098 ) Total stockholders' equity 999,135 915,147 Total liabilities and stockholders' equity $ 1,863,868 $ 1,734,845 SAMSARA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share and per share data) (Unaudited) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Revenue $ 321,981 $ 237,534 $ 902,909 $ 661,111 Cost of revenue 76,027 61,585 218,017 178,008 Gross profit 245,954 175,949 684,892 483,103 Operating expenses: Research and development 76,990 60,820 226,439 185,155 Sales and marketing 150,065 116,780 448,995 353,643 General and administrative 62,660 48,354 177,410 139,888 Lease modification, impairment, and related charges 3,609 4,762 3,609 4,762 Total operating expenses 293,324 230,716 856,453 683,448 Loss from operations (47,370 ) (54,767 ) (171,561 ) (200,345 ) Interest income and other income, net 10,057 9,378 29,767 28,493 Loss before provision for income taxes (37,313 ) (45,389 ) (141,794 ) (171,852 ) Provision for income taxes 493 142 1,911 1,503 Net loss $ (37,806 ) $ (45,531 ) $ (143,705 ) $ (173,355 ) Other comprehensive loss: Foreign currency translation adjustments, net of tax (361 ) (820 ) (1,771 ) 276 Unrealized gains (losses) on investments, net of tax (1,244 ) 382 155 (1,063 ) Other comprehensive loss (1,605 ) (438 ) (1,616 ) (787 ) Comprehensive loss $ (39,411 ) $ (45,969 ) $ (145,321 ) $ (174,142 ) Basic and diluted net loss per share: Net loss per share attributable to common stockholders, basic and diluted $ (0.07 ) $ (0.08 ) $ (0.26 ) $ (0.33 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 559,006,539 537,464,892 553,858,923 531,873,324 SAMSARA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Operating activities Net loss $ (37,806 ) $ (45,531 ) $ (143,705 ) $ (173,355 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 6,757 3,646 15,845 10,839 Stock-based compensation expense 72,592 59,791 208,852 172,395 Net accretion of discounts on investments (3,884 ) (4,104 ) (12,173 ) (12,727 ) Lease modification, impairment, and related charges 3,609 4,762 3,609 4,762 Other non-cash adjustments 2,280 1,937 3,992 2,046 Changes in operating assets and liabilities: Accounts receivable, net (3,032 ) (2,943 ) (23,192 ) 3,824 Inventories (1,775 ) (5,336 ) (20,181 ) 13,467 Prepaid expenses and other current assets 3,942 (17,691 ) 16,899 (17,448 ) Connected device costs (4,240 ) (9,333 ) (15,127 ) (36,997 ) Deferred commissions (7,569 ) (8,219 ) (18,451 ) (21,297 ) Other assets, non-current (112 ) (104 ) 822 267 Accounts payable and other liabilities (11,814 ) 5,043 (13,791 ) (206 ) Deferred revenue 17,000 26,684 74,236 77,155 Operating lease right-of-use assets and liabilities, net 65 3,287 165 7,338 Net cash provided by operating activities 36,013 11,889 77,800 30,063 Investing activities Purchases of property and equipment (4,776 ) (3,355 ) (14,830 ) (8,858 ) Purchases of investments (196,029 ) (167,012 ) (526,086 ) (541,401 ) Proceeds from sales of investments — 1,700 1,247 6,174 Proceeds from maturities and redemptions of investments 167,040 167,215 472,766 508,093 Other investing activities (100 ) — (200 ) (50 ) Net cash used in investing activities (33,865 ) (1,452 ) (67,103 ) (36,042 ) Financing activities Payment of taxes related to net share settlement of equity awards (7 ) — (7 ) — Proceeds from issuance of common stock in connection with equity compensation plans 36 265 16,959 13,435 Payment of principal on finance leases (396 ) (501 ) (1,340 ) (1,416 ) Net cash provided by (used in) financing activities (367 ) (236 ) 15,612 12,019 Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 105 (542 ) (458 ) (24 ) Net increase in cash, cash equivalents, and restricted cash 1,886 9,659 25,851 6,016 Cash, cash equivalents, and restricted cash, beginning of period 178,703 220,123 154,738 223,766 Cash, cash equivalents, and restricted cash, end of period $ 180,589 $ 229,782 $ 180,589 $ 229,782 SAMSARA INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (In thousands, except percentages and per share data) (Unaudited) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Gross profit and gross margin reconciliation GAAP gross profit $ 245,954 $ 175,949 $ 684,892 $ 483,103 Add: Stock-based compensation expense-related charges (1) 3,879 3,100 11,584 9,307 Non-GAAP gross profit $ 249,833 $ 179,049 $ 696,476 $ 492,410 GAAP gross margin 76 % 74 % 76 % 73 % Non-GAAP gross margin 78 % 75 % 77 % 74 % Operating income (loss) and operating margin reconciliation GAAP loss from operations $ (47,370 ) $ (54,767 ) $ (171,561 ) $ (200,345 ) Add: Stock-based compensation expense-related charges (1) 77,677 62,712 225,579 183,355 Lease modification, impairment, and related charges 3,609 4,762 3,609 4,762 Non-GAAP income (loss) from operations $ 33,916 $ 12,707 $ 57,627 $ (12,228 ) GAAP operating margin (15 %) (23 %) (19 %) (30 %) Non-GAAP operating margin 11 % 5 % 6 % (2 %) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net income (loss) reconciliation GAAP net loss $ (37,806 ) $ (45,531 ) $ (143,705 ) $ (173,355 ) Add: Stock-based compensation expense-related charges 77,677 62,712 225,579 183,355 Lease modification, impairment, and related charges 3,609 4,762 3,609 4,762 Non-GAAP net income (3) $ 43,480 $ 21,943 $ 85,483 $ 14,762 SAMSARA INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (In thousands, except percentages and per share data) (Unaudited) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net income (loss) per share, basic and diluted, reconciliation GAAP net loss per share attributable to common stockholders, basic $ (0.07 ) $ (0.08 ) $ (0.26 ) $ (0.33 ) Total impact on net loss per share, basic, from non-GAAP adjustments 0.15 0.12 0.41 0.36 Non-GAAP net income per share attributable to common stockholders, basic $ 0.08 $ 0.04 $ 0.15 $ 0.03 GAAP net loss per share attributable to common stockholders, diluted $ (0.07 ) $ (0.08 ) $ (0.26 ) $ (0.33 ) Total impact on net loss per share, diluted, from non-GAAP adjustments 0.14 0.12 0.41 0.36 Non-GAAP net income per share attributable to common stockholders, diluted (4) $ 0.07 $ 0.04 $ 0.15 $ 0.03 Weighted-average shares used in computing GAAP net loss per share attributable to common stockholders, basic and diluted 559,006,539 537,464,892 553,858,923 531,873,324 Weighted-average shares used in computing non-GAAP net income per share attributable to common stockholders, basic 559,006,539 537,464,892 553,858,923 531,873,324 Weighted-average shares used in computing non-GAAP net income per share attributable to common stockholders, diluted (4) 580,923,231 566,082,414 576,681,883 559,620,309 SAMSARA INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (In thousands, except percentages and per share data) (Unaudited) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Free cash flow, adjusted free cash flow, free cash flow margin, and adjusted free cash flow margin reconciliation Net cash provided by operating activities $ 36,013 $ 11,889 $ 77,800 $ 30,063 Purchases of property and equipment (4,776 ) (3,355 ) (14,830 ) (8,858 ) Free cash flow 31,237 8,534 62,970 21,205 Purchases of property and equipment for build-out of corporate office facilities, net of tenant allowances (5) — — — (10,179 ) Adjusted free cash flow $ 31,237 $ 8,534 $ 62,970 $ 11,026 Net cash provided by operating activities margin 11 % 5 % 9 % 5 % Free cash flow margin 10 % 4 % 7 % 3 % Adjusted free cash flow margin 10 % 4 % 7 % 2 % __________ (1) Stock-based compensation expense-related charges were included in the following line items of our condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Cost of revenue $ 3,879 $ 3,100 $ 11,584 $ 9,307 Research and development 28,574 22,594 82,076 68,716 Sales and marketing 23,441 20,219 66,843 55,310 General and administrative 21,783 16,799 65,076 50,022 Total stock-based compensation expense-related charges (2) $ 77,677 $ 62,712 $ 225,579 $ 183,355 (2) Stock-based compensation expense-related charges included approximately $4.5 million and $15.2 million of employer taxes on employee equity transactions for the three and nine months ended November 2, 2024, respectively, and approximately $2.9 million and $11.0 million of employer taxes on employee equity transactions for the three and nine months ended October 28, 2023, respectively. (3) There were no material income tax effects on our non-GAAP adjustments for all periods presented. (4) For each period in which we had non-GAAP net income, diluted non-GAAP net income per share is calculated using weighted-average number of shares of common stock outstanding during the period, adjusted for dilutive potential shares that were assumed outstanding during the period. (5) In April 2023, we settled a lease dispute which was primarily related to lease incentives associated with leasehold improvements in the form of a tenant allowance and received $11.3 million. View source version on businesswire.com: https://www.businesswire.com/news/home/20241205052629/en/ © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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